1. 3 Questions

2. 3 questions every society must answer allocation of resources
What goods shall be produced?
How will the goods be produced?
For whom will the goods be produced?
How a society answers those questions defines its economic system.

3. Think about a very small society
What goods shall be produced?
How will the goods be produced?
For whom will the goods be produced?

4. ___________ “Market Economy” Free Enterprise Characteristics:X
___________
Capitalism
Socialism
“Market Economy”
Free Enterprise
Characteristics:
“Command Economy”
Communism
Characteristics
Private Ownership of Resources
Government plays a small role
No central economic plan
Variable Income Distribution
Market supply and demand sets
prices so prices fluctuate
Government Ownership of Resources
Government Controls the Economy
Government creates a central plan
Government may redistribute income
(income distribution)
May use price controls to regulate market

5. Why is the United States considered a mixed economy?
___________
Free Enterprise
Socialism X
MIXED ECONOMY
Ownership of resources; private property?
Governments Role in the Economy?
Intervention in the Market; the role of price?
Why is the United States considered a mixed economy?

6. Why is the United States considered a mixed economy?
With your partner, create a list in your notes of all the ways you can think that prove that the Canada is a mixed economy.

7. Homework: Create a spectrum.
Free Enterprise________________________Socialism
Research these 5 countries. (Hint: CIA World Factbook)
India, Cuba, Canada, Australia, Sweden
One additional country of your choice
Place them in their appropriate place on the spectrum
Write a brief explanation of why you placed them where you did.

8. Homework: Create a mini-poster.
For the country you’ve selected, please research the following:
Where is it?
What are the natural resources?
What is its economic system?
What is produced?
How is it produced?
For whom is it produced?
What is government’s role in the economy?
Does it have a “free market”?
Is there private property?
Role of exports and imports?
GDP
Per capita income
Population
Other Economic Facts ?
Hint: User CIA World Factbook
Due September 13, 2013

9. United States Visually attractive Include all info
It’s located….
Mixed Economy because…
300,000,000+
Visually attractive
Include all info
GDP =
per capita income